Xenophon in no hurry for more tax cuts

The Turnbull government appears to have no chance this term of cutting company tax for businesses turning over more than $50 million a year.

Treasurer Scott Morrison will reintroduce legislation for the rest of the company tax cut plan when federal parliament resumes on May 9.

Crossbench senator Nick Xenophon, who delivered the government key votes in the Senate to pass the first tranche of the tax changes, says he admires Mr Morrison's optimism.

"But I think he might have to wait for his optimism for quite some time - maybe until after the next election - in terms of any further tax cuts," Senator Xenophon told reporters in Canberra on Friday.

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The amended tax plan passed by parliament lowered the company tax rate from 30 per cent to 25 per cent for businesses with an annual turnover of $50 million.

The tax rate will progressively reduce - in 2016/17 it will be up to a $10 million turnover; in 2017/18, it will be up to a $25 million turnover; and in 2018/19, it will be up to a $50 million turnover.

Mr Morrison says Australia needs an internationally competitive tax rate and the announcement that the Trump administration in the US was seeking a rate of 15 per cent made the argument more compelling.